I'm going to start by running through a few background information and position about DXN and what we do. As you can see on the slide that you see here, we've had three divisions.

Just to summarize for those who may not have already understood this from our last presentation, we have three divisions: Modular Division, which is essentially 85% of our revenue—this is as of FY2025; we have the Data Centre Operations divisions, which is roughly 12% as of FY2025; and the DCaaS Division was a small 3% of the FY2025 revenue. Essentially, our Modular Division is the largest market segment that we've got, and this is where we do everything from the design, engineering, manufacturing, the deployment to site.

This is all about prefabricating solutions, various different products, and the market's always evolving when it comes to new products in this division. At the moment, we are looking at 85% of our revenue within this division, and we foresee that that's round about where it's always going to be, except the pie just gets bigger.

The Data Centre divisions is our data centres in Darwin and Hobart, and this is 12% at the moment. The DCaaS Division, we expect that FY2026 is going to be bigger and it's going to keep growing.

This is where we combine our Modular Division skill sets, which is the design, engineering, manufacturing, the deployment of capital-light infrastructure ourselves at the moment, purely on balance sheet, deploy it to our customer site. At the moment, we've already deployed one particular site for a satellite operator in Northern Territory.

That is, effectively, everything from prefabricating, designing, engineering, deploying, acquiring the site, ensuring that we've got adequate and correct design in the fiber infrastructure, the power, and all of that from start to finish, and then thereafter doing all of the maintenance and operations for that particular site as well. It kind of takes all of the skill sets that we've got in the Modular Division as well as the Data Centre Division and brings it all together.

That's what we've just commenced in the last financial year, and we expect that that market segment to grow. Part of the unique value proposition in this particular division, especially when it comes to deploying in the satellite industry, we are very well positioned to grow this because, if you look at where the market's headed, the data centre industry, we're talking about multi-megawatt-type builds, whereas in the satellite industry, we're talking about anything between sort of 5 to 2 megawatts, which is very much in our sweet spot.

It is too small for some of the larger operators to be operationally cost-efficient and effective. For us as a company, from start to finish, we can actually deploy quickly.

We can respond quickly as well. From an operational efficiency point of view, it is exactly what the customers look for.

We're well positioned to continue growing that market segment. Next slide.

Just a little bit more on the various core offerings that we have. If you look at this slide here, the core offering has been sort of between 2 to 500 racks, or anything sort of between even if it's 20 kilowatts right up to half a megawatt.

We're starting to see quite a lot of the larger deployments, much, much larger, 2 megawatts to 10 megawatts, and even bigger than that in some of the new quadrants with hyperscale. That's the sort of typical customer model that you've got.

This is purely a turnkey business model. We build it for our customer, and we hand it over.

We do everything from design, engineering in-house, and we deploy it to site. We hand it over to them, and that project is between 6 and 12 months depending on the size and complexity of the project.

The Data Centre Operations, this is subscription- and usage-fee-based. Won't go into too much detail on that.

That's our Darwin and Tasmania data centres at the moment. These are telcos, cloud providers, enterprise, government are all hosted within these two data centres.

Data Centre as a Service, very often satellite operators. There are market segments, and we're talking about the various satellite operators.

The democratization of the LEO satellite operators means that smaller operators that are highly funded, typically US operators, exploring and going out into the world and deploying sites and Earth stations that we can then own and operate and manage for them. That's our target market, and that would be a subscription-based, or recurring revenue model.

Whereas the fourth segment there is the operation and maintenance, and this is typically on the Modular Division as well as, of course, the Data Centre Division, which is subscription-based. All our customers would have this as an ongoing requirement for us.

Next slide. In terms of growth now, today we have a manufacturing facility in Perth, and we're doing everything we can in order to ensure that we have a second facility in Jakarta.

We have announced a joint venture, which I'll talk about later. That is the next market that we will have a manufacturing facility to cater for the local market segment.

Then we also have plans on foot for an expansion into the rest of Asia-Pacific as well with another facility. That is moving forward.

Where we've got facility and manufacturing today is in Australia, in Perth. We also have quite a few dots around the world, and this reflects the modular data centre deployments.

Within this financial year, once we've deployed quite a few of our new customers that we've contracted, that number will continue to increase. Once the on-site deployment is completed, we will have a number that's larger than what we've deployed to date.

Just to sort of step back and look at why these infrastructure builds are growing exponentially, the demand for this continues to grow around the world, and this is because the number one pain point that we solve is speed to market. It is not necessarily the cost of deploying brick-and-mortar or stick-build—some customers call it stick-build—in comparison to prefabricating in a data centre and deploying to site.

A big part of it is speed to deployment, and secondly, a lot of it is to do with limited know-how and on-site capability of resources or availability of resources on-site to work on-site. A lot of customers, more and more customers in various market segments, are looking prefab, and that's a big part of why the infrastructure build continues to grow with prefab solutions.

I'll just expand on that on the next slide. I just wanted to spend a couple of minutes on this one.

It is quite important for investors to sort of understand what is actually the tailwinds in the industry. The industry, as far as myself and my team are concerned, is starting to speak quite loudly for the need for prefabrication.

I'm talking about not just the edge data centres or satellite operators that we currently deploy, but also the hyperscale side of things as well. The industry needs it because the number of requirements, the number of deployments, the speed of deployment in some markets are going from sort of 12 traditionally 12 months for a brick-and-mortar deployment to now 2 to 3 years, which renders a lot of these sort of projects unviable.

Very very often in markets, there is no other option other than going prefab or, if not completely prefabricating a greenfield site, what you call a brownfield site. You might have a combination of certain parts of the data centre that can be prefabricated in order to expedite the project deployment back down to the sweet spot of 12 months deployment from start to finish.

That's where a lot of our customers are coming in and saying, 'What can we do differently?' Now it's also important to remember that, because every deployment is quite different, you can't sort of sit back and say, 'Okay, a large vendor who's got a billion-dollar market cap with plenty of products sitting on a website to actually produce something at scale overnight,' it doesn't work like that.

It would have to be custom-designed for the location, for the specific end-customer requirement, whether it's Microsoft, AWS, Google, Meta. Any of those clients will have very different requirements, a lot of these sites end up being custom-designed.

Hence, back to the original position where we sit, which is the customization of solutions on the edge now is starting to not just around data centres at the edge, but also large hyperscale requirements. Parts of the hyperscale requirements are now needing to be prefabricated.

That's the sort of reason why the demand for the modular data centres is starting to increase, and that's what we see across the world, across definitely our market segment. What we also find is most of these customers are global customers.

They're customers who actually have very similar requirements in different parts of the world, but what you can do is standardize a solution with one customer and then replicate that in different markets for that particular global internet customer as well. These are traditionally blue-chip customers, and what then happens is when we sit down, there is actually a know-how that we actually gain from the process, which then enables us to then go into the next phase and the next phase of expansion with them.

I think from that point of view, that's where we see the industry moving, and that's where we think we're well positioned. The simple fact is that we have an in-house team who've done this for a long time, who've done this for smaller sites obviously, but we're well positioned to do this at scale for these larger deployments, and that's what we're trying to leverage.

Next slide. Just to sort of continue on to what it is that I've highlighted here, traditionally we've always operated in the edge market segments, so that's where today we have quite a few deployments.

We've got cable landing stations; satellite operators who are deploying sites, Globalstar being one of them, that's an announced deal from last year; we have mining modules that we've deployed across the globe; edge data centres; defense, government. This is one-offs, the standard deals that you've seen to date.

Now what I'm talking about as well, where the global market is headed and the tailwinds that we're starting to see is in quadrant 5 and 6. This is where we're talking about builds at scale, customized builds at scale, and not necessarily the entire solution is prefabricated.

A lot of build is actually on-prem, on-site, but there are parts of it like power train units, chiller rooms, pump rooms, the hot aisle containment—HAC there stands for hot aisle containment. These are starting to be needing to be prefabricated because the number of electricians that you need to actually build AI servers, which is really the demand of where the industry is headed, is too high and too risky for it to all happen on-site and on-prem.

Everyone in the industry is stepping back and thinking, 'How do we do this better?' DXN's actually already developed some standard designs for this for our Ventia project, and this is called the StructuraCore solution.

StructuraCore HAC that you see there in quadrant number 5 is actually an extension of that. It is, of course, what we do in an indoor solution, but at much larger, superstructure levels.

That is essentially the market that we're targeting. At the moment, we are looking at various designs that we're building out to customers, or we're actually doing and deploying design solutions out there.

That's the first step. Historically, what that means is there will be module demand on the back of that.

Next slide. This describes in a little more detail.

You have seen this in the last presentation that we did, but we wanted to sort of highlight again the various sort of customer base that you would have in each of these market segments. Most of you that I can see on the call will be very familiar with the top market segments there, cable landing stations, mining, prefab edge, and and defense, government.

That is what we've always been been doing and deploying for customers in the Modular Division. With when it comes to the hyperscale prefab, we're talking about the global internet companies as the end customer.

A lot of times, our customer, our customer, we're part of an ecosystem of suppliers that actually supply to the end customer. Very often you might have sort of, big on-prem builders that actually pull it all together, and they are looking at various modular and prefab solutions for the stuff that we're talking about, data halls, StructuraCore StructuraCore HAC, hot aisle containments that are prefabricated and brought to site.

We have a specialization. We have a a role in this space, and there are many in the ecosystem would have a role in this space.

That's where some, big part of our our team and time and investment moving forward is is is looking to get into that part of the business. Next slide.

This gives you a little bit more of a snapshot. You've seen most of it before.

We just update a couple of new customers as we announce them. In terms of data centres, we are looking at various applications directly.

Bearing in mind that very often, the quadrant 4 and 5 that I mentioned earlier tend to not be a direct deal, but heavily involved with global internet companies and hyperscalers, but very often it is carved out into the manufacturers or the on-site or on-prem builders of the world. That's how the contracts would be actually announced as it goes.

Next slide. I'm going to just hand over now to Laila for the next couple of slides before then I will discuss DCaaS a little bit.

Laila? On mute.

Can you hear me? Wonderful.

Hi, everyone. I guess for the quarter, we, as expected, our revenue was softer than originally or prior years, and they were impacted by the delays in the small number of contracts leading on from Q1.

We were expecting this, and it's no surprise. Our cash balance for as of December '25, it was 1.7.

Now, the movement in cash for the quarter was driven by planned year-to-date capital expenditure on SDC and TAS data centres. It's we needed to invest in the DCs to support the operational integrity and ensure that the assets' performance.

Cash was also impacted due to the milestone receipts. The projects being delayed resulted in milestones not being achieved, the cash is just deferred; it's not lost.

We do expect the cash to come in as the projects progress in second half of the year. We closed the quarter off, oh, sorry, December with a backlog of $14.5 million.

That provides us with a real strong revenue visibility, which really reinforces the underlying strength of our contract position. The cash receipts for the quarter was $2.2 million.

Like I mentioned, the revenue for the quarter was $1.7 million. Now, this was a decrease year on year by 63%.

Again, it was predominantly driven by the delays in the progress of the existing contracts. It's not really comparable because we are predominantly a project-driven business.

Encouragingly, though, as the projects have actively resumed, we're seeing progress occurring, the revenue will start being delivered in Q3 and Q4. Our backlog stands at, like I said, 14.5.

We will expect to deliver 65% of that revenue in FY2026, but again, it is an estimation. We do have a healthy pipeline, I should say, of 80 projects that are currently being explored.

A lot of when we say 65% of our backlog will be delivered in FY2026, this is considering we are not considering any new contracts being closed. We still do have 6 months left in the year that we're going to be closing contracts, and a few of them are looking quite promising.

DCaaS, our first site has been completed, and our recurring service fees have commenced. We received $80,000 in the quarter.

Now, that was driven partially by service fees as well as setup fees. We are expecting the remaining setup fee of 30% milestone 2 to be recognized in Q3.

It wasn't signed off by the client to be recognized in December, but all the contractual conditions have been met. We're expecting ongoing quarterly service revenue to be approximately between 80 to 100k in the short term.

Of course, this could increase as power and service increases. We have had positive feedback from our US-based client, and at the moment, we're getting early indications that it's looking promising that they want us to work with them on additional sites.

Our cash and revenue position: so we received $2.2 million in cash receipts. Like we mentioned in prior presentations, our revenue and cash are occasionally misaligned purely because of projects, but we do have strong backlog which will drive those milestones into the second half of FY2026.

I'll pass back over to Shalini.

Thank you. We announced a joint venture about a week or so ago, and this is actually with a company in Indonesia called Super Sistem Indonesia.

They're actually our customer, and we've been talking to them for quite a while. They are a subsea operator in Indonesia and currently are looking at a deployment across the archipelago of Indonesia.

Originally, the intention was for them to just buy modular data centres because their end customer, being US global internet company operators, tend to make sure that there's a geopolitical divide. When you are looking at subsea operations across the globe, you tend to have options of solutions.

Whether it's subsea cables that are being built, typically it's companies like SubCom or Alcatel-Lucent that are building the undersea cables, whereas if it's the cable landing stations, it's DXN and a few other US companies. That's it.

That's the market, that's the vendor list and people who've actually done it and deployed it. There are lots of companies that are not in the market segment, but these are the sort of global options that are available to companies who are wanting to target the US hyperscaler for undersea data.

What we then worked out is, while pricing-wise we're on the ball, in fact, from a dollar-per-kilowatt deployment point of view into markets like Indonesia, it's actually higher than a place like Australia or developed markets. The markets actually willing to pay more for high-quality infrastructure.

Because of import taxes, anything exported out of Australia into Indonesia attracts by default 40-over percent in import taxes, it just renders the business case impossible for any viable solution that way. This was when we decided that, frankly, if we can't sell into our customers in Indonesia, we need to build locally with them.

It makes sense. They're not the only customers who are asking for this.

There are hyperscalers, there are edge data centre companies, there are our existing operator customers who deploy in other markets who are getting into Indonesia because Indonesia is a big market for digital infrastructure over the coming decade. It makes sense for us to partner up with a friendly party who's on the right side of the geopolitical arena and attack that market together.

That's how that whole opportunity popped up. What that means is, essentially, with this partnership, we are—and it's a Singapore-based joint venture—we're able to then underneath that umbrella build a factory very similar to a factory that we've got in Indonesia.

It's not capital intensive at all. It is all about just renting a space where our systems and processes, including our ability to cookie-cut what we've already built in terms of design, and our design know-how right from design to build, is parked within that joint venture and replicated for ourselves in that part of the market.

It also meant that we kick off that opportunity together with the customer who's going to be parking a purchase order for their requirements into that joint venture. In this way, we can be very competitive for ourselves and our other markets and the usual markets that you've seen in the other deck that I've presented.

All the edge data centre stuff. I'm not even talking about the hyperscale.

All of the usual customers that we currently sell into, including satellite operators, edge data centres, cable landing station operators, as well as mining customers, all become a target market for us locally in Indonesia. That's, I think, the reasoning and the intent behind the joint venture.

We're very excited about partnering SSI. They're young and dynamic and a very similar from a cultural point of view to DXN and our team.

Super excited about not just delivering for the contracts that they have themselves for SSI, but the joint venture to be clear is independent, it will have its own sort of design team over time. It will have localization in terms of resources and delivery of product and solutions that is customized for the local market, and it will be locally driven.

It becomes an additional source of revenue for DXN and a source of revenue we would otherwise not have. I'm going to just pause there, and we can take questions later, but that's a summary of what we're doing there.

Can we go to the next slide? Yep.

This is across the industry. Just bearing in mind, this does not include the Indonesia project.

This is purely what we've got within our own pipeline. This has grown significantly in the past 3 months.

The combination of opportunities with the Data Centre as a Service, which is a recurring revenue, satellite customer, and other customers that we're looking at, StructuraCore HAC, which is the hyperscale opportunities has been growing, satellite opportunities has been growing, and so has cable landing stations, especially across the Pacific and other parts of the world where some of our customers are operating as well. Next slide.

Yep. Now, yeah, we have about 14.5 million in backlog today.

I think I was trying to figure out where we were this time last year in terms of backlog. I think we have essentially started building a backlog, but that does not mean we do not continue to work on the closes that we've got in the pipeline.

We've got a healthy pipeline, new pipeline that we're working to close. In terms of what we're speaking about with backlog, the estimate is that 65% should be converted in the second half.

We've got a big second half, definitely. We are also definitely actively looking at closing out some of the major deals we've got in our pipeline.

I think further than that, if you sort of look at big picture, the Data Centre as a Service offering improves our revenue profile and diversifies it. It gives us recurring revenue.

It actually leverages our existing core competency on both sides for business. That's one part of the business that I feel continuing to grow that is going to give us a lot more stability in the peaks and troughs that we see in revenue profiles in the future.

That's why I'm laser-sharp focused on making sure that we continue growing the DCaaS business no matter what. I think one of the things that I have to say in terms of looking at our revenue profile over the last few years, we think that, if you look at our pipeline globally, while our customers may be located in Singapore or Australia or any of the OECD countries, decision-making may be here, but a lot of the deployments are in places like Southeast Asia.

Where we actually deploy is in these parts of the world. Using and leveraging partners, signing joint ventures with friendly customers who are on the same ecosystem and the same side of the geopolitical arena as us is beneficial for us.

It means that our end customers who need this type of ecosystems out there compared to what's out there in the world as an alternative is needed. We are being asked to look at all these different partnerships so that we can actually scale into these markets.

Because we are actually talking to a lot of these hyperscalers looking at innovation and looking at how do we actually modularize hyperscale data centres all the time, we have to always keep our eye on innovation. We've got a great team for that, absolutely great team, and that is experience we've brought to the table.

Enabling that infrastructure with innovation is really important as we go into the next phase. A big part of what I'm trying to do is make sure that our team, who have the core competency, who have the credibility to have these conversations in order for us to scale, and that's really important that we continue to keep the right people on the team because these are the conversations that we have an opportunity to have, which we otherwise would not have.

In sort of summary there, Mel, before I hand back over to you and questions, I'm extremely bullish. While recognizing the market is tumultuous and the share price goes all over the place, the eyes are on the ball as far as I and the board is concerned.

We are doing what we can to find alternative options out there. That includes, like I said, with the joint venture, we will have alternative sources of funding for joint ventures that we are looking at in order to make sure that we continue focusing on delivering what we've got in our pipeline and in terms of revenue conversion from sales to revenue.

At the same time, the reason why we're all doing this is to ensure that we are able to scale in a very, very clear opportunity that's out there for us with much, much larger customers.

Sorry. The bonuses that were paid in the first half of FY2026 actually relate to KPIs for FY2025.

The revenue bonuses for the sales team as well as the KPIs for our growth for the executive team as well. They actually relate to FY2025, not FY2026.

Sure. This time last year, we looked at the company.

I would say around March last year, we looked at where we are. We looked and we said, no matter what we do, the digital infrastructure space is raising.

Everyone of our customers as well as competitors are raising hundreds of millions of dollars around digital infrastructure deployments, growth, whether or not it's a PowerPoint deck that they've got, businesses, deployments. There is a lot of money in the industry.

It became very obvious to us that we have to diversify our sources of revenue, predominantly also because a lot of our customer deployments are in Southeast Asia. We are looking at various options, which is why we went ahead and set up a holding company in Singapore, which we also set up customer contract entities where we can actually sign international contracts with our existing customers, not necessarily different customers, but with our existing customers in these parts of the world, which enables us then to capitalize those entities offshore, with investment.

Whether it's joint venture, like we've actually done for SSI, and what that means is then we can go into various funds that are out there, and there's plenty of them, whether it's the Export Finance, Australian AIFFB, the National Reconstruction Fund. There is plenty of money out there for digital infrastructure.

There's plenty of money out there for manufacturing, Australian manufacturing internationally. That is the sort of reason, that's why we decided that we've got to at least set structure up and work towards it.

We did that with open eyes close to a year ago. There are multiple streams of that, and I think that is the key.

For the board, if we were to just focus on the first four market segments that I've presented, and we continue delivering on that and educate the market on raising capital on the four market segments, we will stay within our lane, and we will not have any issues in terms of cash, revenue. We manage customer profile with upfront payments.

We make sure that the project is cash flow positive at all times, and we stay within that. We can't grow.

In this industry, growth is everything. Adaptation and making sure that we're out there innovating and going after where the market is headed, which is quadrant 5 and 6, is a big part of our job.

There is no reason, absolutely no reason, for us not to be winning in that space other than being able to fund ourselves. Because of that, we are looking at various options, and we will continue to keep the market apprised of that.

Thanks,

Yep. We are looking at crystallizing the MOU into an order as soon as possible would be the time frame that we're looking at.

Now whether or not that turns into any revenue, I think that'll be the next question. I really can't say because we have to make sure that we've got the factory up and running.

That means some basic investment in terms of on both parties in terms of a head count or two, as well as a lease option for a site, all of which we have in our minds in terms of where the location is and so on. In the meantime, we've got Austrade hugely supportive of this project, there's a delegation next week to Indonesia, and we're getting quite a bit of attention for what we're trying to achieve there, including intros to other customers and so on.

In terms of timing, at this time, I don't have a time frame that I can actually share on what date we're going to be opening the factory, but from our perspective, the purpose of doing it this way, it enables us to leverage the customer's purchase order for down payment for us to kick things off, and that reduces the need for massive investment up front and then sort of wait for the first deal, bringing on salespeople. We've done the sale.

The way we're doing it is we've done the sale, we get that all locked in, we get the money, we build. That's the sequence.

Thanks,

Sure. So $7 million US would be effectively the absolute need for the BTI cable, which is the Super Sistem requirement, which is a funded cable with customer requirements.

That's everywhere from landing stations into places like Batam and other parts of the Indonesian archipelago, including Jakarta and so on. That would be what that covers effectively.

We've not considered other customers. Other customers include some of our existing global internet companies that obviously are delighted we're there.

It also includes data centre companies who are looking at there's been plenty of announcements around Jakarta hyperscale build in the last even 1 month, and we're targeting them all directly. A lot of these clients, we don't need a sales force over there to actually attack target markets.

They are existing clients who are global, and the same ones we're chasing everywhere else who will be present locally as well.

It was captured in the P&L last year. It was accrued, and the cash payment happened in FY2026.

You've got the P&L and cash occurring at different times. It was recorded in the P&L for FY2025, but it was physically paid in FY2026.

The backlog doesn't impact us in regards to winning additional contracts. We ramp up and using third-party labor to build our modules.

As we get more orders in, we will bring in more resources as required. The team's quite good in scheduling and making sure that we can get the modules out through the facility.

Sorry, what was the second part of the question?

Yeah. We, like I said, we ramp up and downgrade the amount of resources that we require based on the projects that are active.

It doesn't hinder our ability to win new work.

For the projects, we contract our milestone payments to as best we can to ensure each project runs cash flow positive and funds itself. For the business as usual, we shouldn't be requiring any funding.

It's growth that requires consideration as to what we do. If it's BAU and we keep doing what we're doing, the projects will fund themselves.

correct?

Yeah.

Sure, yep. We've got a great team, for sure.

We're talking about a couple of months of time so far. In terms of pipeline, in terms of going after markets that we otherwise do not have capacity for, especially satellite.

Despite ourselves, we have one Earth station satellite opportunities, and that's the market segment that we wanted to grow. The new headcount was for expanding into that segment, and that's starting to show some results both in DCaaS, Data Centre as a Service, as well as Modular Data Centres.

There is some growth there. We're starting to see despite just couple of months of having people on.

The other market, of course, is government, and that's where I'm talking about domestic government. We actually do quite a bit of deployments already for export, whether it's the US offshore deployments, or projects funded through DFAT, East Micronesia, Timor-Leste, a lot of the Pacific deployments, a lot of the multiple cables that are being built across the Pacific are very much Australian government supported as well that we have a lot of that covered as it is.

Where I think we have some capacity constraints is trying to enter, or crack into, places like Canberra. That requires a lot of lobbying and focused people.

Now, whether or not that market is sort of significant enough for us to put a lot of time and effort, I think we'll take that opportunistically. We're getting a lot more traction now indirectly.

That would be one market that we shouldn't take our eye off the ball. By and large, if you look at some of the pipeline that's coming through, where the growth opportunity for us is really if we crack into one of the five or six, number 5 or 6 quadrant.

All it takes is just one, and then they'll all come. That's for me is much larger than any other opportunity, and so that requires everyone: the board, DXN executives, the DXN engineering team currently to be involved.

It's not a single salesperson thing; it is across the company.

The subsea segment takes a long time for it to go from concept inception for the cables to come in, for the consortium parties to actually sign contracts and ensure that they've got capacity for the build, for them to get cable ships and lock cable ships in before deployment. There is one major customer in that market segment at the moment, and they have probably cornered 70% of the market, and that's our focus.

They will continue to be our focus. I think that a lot of the hard work in the setting up of the consortiums are behind us now.

I would see definitely that is a big contribution to the short term moving forward. We're always sort of looking at our pipeline and going, once we're getting into sort of 50, 60% stage of the pipeline, we always win them, and cable landing stations are exactly that.

I think that you're right that from the time we actually see something in the pipeline that we've quoted for, for instance, to the time that it actually closes, there is a big time gap, and then after that, the actual deployment very often it is not actually the build—the build builds fine—when it goes to site, the actual site acquisition and the various issues that we have. I don't quite agree that that market segment is small.

I think all of the announcements you would have seen in PTCs is one event where all the subsea operators get together, and we actually see and hear the plans for the next 10 years with what's imminent over the next year and 2 years. There is plenty of that.

The announcements are actually increasing exponentially of new cables coming in, and that's purely driven by AI workloads. The bigger the data centres, the more number of data centres in each market that is being announced, the more the domestic infrastructure cable fiber needs to be built.

Telstra InfraCo is building a lot. You have plenty of other local operators that are building domestic cable as well.

All that needs to be underpinned by international capacity and subsea and also having them build resilience and diversified locations. That's why the subsea industry is just very hot at the moment because of that.

That's a bit of a loaded question, but yeah, I think, look, the simple answer is definitely I think the market cap hinders opportunities, but we're not letting that stop us. We have opportunities to scale through joint venture partnerships, and that's exactly what we're doing, and that's how we're going to be doing it initially.

Whether or not we're better off listed or private, I think that's a very long conversation. There are various very successful companies who are with a market cap that I think we should be at, who've done it.

There's no reason why we can't. At the same time, there are plenty of competition that we've got in the industry, not quite in our market segment yet, but more sort of on the other side of the geopolitical arena, like, for example, EPG.

They announced raising 100 million yesterday. We've known that they're going to do that for a while.

They're actually a Chinese modular manufacturer. They have actually deployed to DayOne, which is a very large data centre company, again Chinese, in Asia-Pacific.

They would be an example of where we should be, being able to raise that level of infrastructure investment into that part of the world for our customers. Our customers are desperately looking at solutions where that can be innovated because there's no way they can buy from the Chinese.

We know that. This is the geopolitical storm that's happening in the world, and this is very well openly spoken about in every event that I've ever attended, in every forum I've ever attended.

It is important as DXN in where we are and the opportunities we have to actually cater to that market and to focus and find a way to enter and find solutions for that market. Not at the moment with where we are with the market cap, definitely, a capital raise is going to be highly dilutive.

That's not an option. What we have as an option is partnership, infrastructure partners who are interested in partnering us, providing a balance sheet that customers look at and go, 'Right.

That's how we're going to do the significant deals.' That's the focus of me and my team.

Thanks, Mel. Thank you everybody for listening in.

Thank you for all the questions, and I appreciate the continued interest in the company. From my point of view, I was actually in PTC at an event last week, and I've actually never seen the industry where it is in terms of growth and in terms of excitement and bullishness.

It is ironic that I have been personally in the modular data centre industry specifically when it was on the fringes of business, and it's on the fringes of deployments out there. All of a sudden, we're the flavor in town, at least in the global markets we are.

It is interesting that the number of very large international operators that are looking to continually invest in prefabricated modular data centres, it just shows that what we believe was always going to happen is happening. All the demand that we know is coming is definitely there, because you start seeing some of the very big names starting to invest in prefabricated modular data centres.

That's it. Mel, thank you.